new course Bank of America means that now, not having sufficient funds in your account, make a purchase will be impossible. This will hit those people who like to pay with the cards for small daily purchases – a cup of coffee, purchase a grocery store or a trip on the subway without thinking that how much money they have left in your account.
The new system will come into force from June 19 for new cardholders, and in August for all those who already have cards. At Citigroup similar system has existed for a long time.
Interest for overpayments – this is an important source of income for banks. In 2008, they earned on that $36.7 billion, according to research Moebs Services, the interest for this service over the past year have helped the banks to earn an additional $38.5 billion if we consider that at the moment, Bank of America for more than 37 million customers owning plastic cards, and they produce 60% of all payments for exceeding limits on the accounts, the new solution will fly to the bank a lot of money.
